TULSA, Okla. (AP) _ Laredo Petroleum Inc. (LPI) on Wednesday reported fourth-quarter profit of $149.8 million.
The Tulsa, Oklahoma-based company said it had profit of 65 cents per share. Earnings, adjusted for non-recurring gains, were 16 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The oil and natural gas company posted revenue of $215.3 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $242.6 million.
For the year, the company reported profit of $324.6 million, or $1.39 per share. Revenue was reported as $1.11 billion.
In the final minutes of trading on Wednesday, the company's shares hit $3.79. A year ago, they were trading at $7.57.